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Latest news on accounting, financial reporting, business trends, auditing,
tax deductions, tax strategies, the IRS, financial planning, technology, and more.

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The IRS's take on cryptocurrency has changed frequently, but right now crypto is considered property for tax purposes (and subject to gain and loss reporting requirements on a tax return).

They've been getting steadily stricter about reporting crypto transactions. It’s a fair bet they’ll be even more so in years to come.

Make sure you know your obligations and plan for them.
And if you have any questions, drop them in the comments below and we'll do our best to answer them.
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Are your tax documents from this past tax season sitting on your desk waiting to be filed away?

When it comes to holding onto tax documents, hit a balance of complete and adequate records stored neatly.

⏭️ Most obviously, keep the state and federal tax returns you filed.
⏭️ Save anything that backs up what’s on your return (Forms 1099, W-2s, and other income statements).
⏭️ Keep any 1099-Bs or 1099-INTs that you got from banks, brokerages, and investment firms.
⏭️ Organize and file confirmation slips or statements for any mutual fund shares, stocks, or other securities you bought or sold.
... See MoreSee Less

Are your tax documents from this past tax season sitting on your desk waiting to be filed away?

When it comes to holding onto tax documents, hit a balance of complete and adequate records stored neatly.

⏭️ Most obviously, keep the state and federal tax returns you filed.
⏭️ Save anything that backs up what’s on your return (Forms 1099, W-2s, and other income statements).
⏭️ Keep any 1099-Bs or 1099-INTs that you got from banks, brokerages, and investment firms.
⏭️ Organize and file confirmation slips or statements for any mutual fund shares, stocks, or other securities you bought or sold.

A thought for you...

Perhaps you enjoy building things and have turned your hobby into a side hustle building decks and fences on the weekends (or some such). Get your kids involved in the process as they grow older, and perhaps you can pass along a valuable trade. Even if they become accountants or nurses, having the knowledge and experience of a trade to fall back on could be incredibly valuable to them over a lifetime.
... See MoreSee Less

A thought for you...

Perhaps you enjoy building things and have turned your hobby into a side hustle building decks and fences on the weekends (or some such). Get your kids involved in the process as they grow older, and perhaps you can pass along a valuable trade. Even if they become accountants or nurses, having the knowledge and experience of a trade to fall back on could be incredibly valuable to them over a lifetime.

Here's your friendly reminder if you own a privately held business. You are required to report your beneficial ownership information to FinCEN by December 31 this year.

Here's what you need to report for your small business:
➡️ Your company's full legal name.
➡️ The actual business address - remember, P.O. boxes or addresses of lawyers/advisers won't cut it.
➡️ The state or Tribal jurisdiction where your company was founded or first registered.
➡️ Your taxpayer identification number along with an identity document like your filed Articles of Incorporation or Organization.

You'll also need to provide details about beneficial owners if you are required to file corporate transparency reports:
1️⃣ Their full legal name and date of birth.
2️⃣ Their home address - just like before, P.O. boxes or lawyer's/adviser's offices won't fly.
3️⃣ And don't forget to include a photocopy of their U.S. driver's license or passport.
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Financial literacy is really important in our nation right now.

So why are so many financially illiterate?

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Pssst.. Mother's Day is this Sunday.

In case you forgot, here are some celebrating suggestions: www.countryliving.com/life/g4228/mothers-day-activities/

But honestly, the best gift of all is just spending some quality time with her.

Happy Mother's Day to all the amazing moms out there who nurtured and raised us.

We know you could probably still lift a burning car off of us if we needed it, but we know you do that kind of heavy lifting regularly just by loving us.
... See MoreSee Less

Pssst.. Mothers Day is this Sunday.

In case you forgot, here are some celebrating suggestions: https://www.countryliving.com/life/g4228/mothers-day-activities/ 

But honestly, the best gift of all is just spending some quality time with her.

Happy Mothers Day to all the amazing moms out there who nurtured and raised us.

We know you could probably still lift a burning car off of us if we needed it, but we know you do that kind of heavy lifting regularly just by loving us.
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